The price of an iphone 12 is initially £1250 at which 3.8 million phones are sold. A year later the price of an iphone 12 is £950 at which 5.5 million phones are sold. What is the price elasticity of demand? a) -1.86 b) -0.54 c) -6.03 d) -1.90
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The price of an iphone 12 is initially £1250 at which 3.8 million phones are sold. A year later the price of an iphone 12 is £950 at which 5.5 million phones are sold. What is the
a) -1.86
b) -0.54
c) -6.03
d) -1.90
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- A grocery store notices that the cross-price elasticity between chocolate ice cream and chocolate syrup is - 0.3. The store is advertising a sale with ice cream prices reduced by 20%. By how much should they expect chocolate syrup sales to increase?Raul is the marketing manager for a line of skin care products targeted to males between 16 and 35 who have active outdoor lifestyles. He has found through market research the the price elasticity for his most popular sunscreen, which is priced at $22.00 for a 6 oz. tube, is -1.20. Last year Raul sold 125,000 units of the sunscreen. Raul is considering a price reduction on the sunscreen to $18.00. His manager has asked Raul for a forecast of the units he should expect to sell at the reduced price. What forecast should Raul provide to his manager? Group of answer choices about 145.000 units about 130,000 units about 152,000 units about 27,000 unitsDemand for Algida Ice Cream:%change in price:+10%%change in quantity:-12%According to the changes above,what is the price elasticity of demand for Algida a)-1,2b)1c)1,5d)0
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- Question 13 Suppose the demand for a product is given by D(p) = -2p+ 104. A) Calculate the elasticity of demand at a price of $47. (Round to three decimal places.) B) At what price do you have unit elasticity? (Round your answer to the nearest penny.) Price = $ Elasticity > Next QuestionSamsung increases the price for Galaxy smartphones from $450 to $550. As a result the demand for Galaxy smartphones decreases from 21 million to 19 million. Using the midpoint method, calculate the price elasticity of demand for Galaxy smartphones? A) 0.8B) 1 C) 1.2 D) 0.5The price of a smartphone brand was initially $500, and the quantity demanded per month was 1000 units. After a price increase to $550, the quantity demanded decreased to 950 units. Calculate the price elasticity of demand for this smartphone brand. Is it elastic, inelastic, or unit elastic?